Bill Text: IL HB3820 | 2015-2016 | 99th General Assembly | Engrossed

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Bill Title: Amends the General Obligation Bond Act. Increases by $1,100,000,000 the amount of General Obligation Bonds authorized for State or local highways, arterial highways, freeways, roads, bridges, and structures separating highways and railroads and roads and for grants to counties, municipalities, townships, or road districts for planning, engineering, acquisition, construction, reconstruction, development, improvement, extension, and all construction-related expenses of the public infrastructure and other transportation improvement projects related to economic development. Amends aggregate General Obligation Bond authorization amounts to reflect the $1,100,000,000 increase. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-04-28 - Rule 19(a) / Re-referred to Rules Committee [HB3820 Detail]

Download: Illinois-2015-HB3820-Engrossed.html

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AN ACT concerning Finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The General Obligation Bond Act is amended by
changing Sections 2 and 4 as follows:
(30 ILCS 330/2) (from Ch. 127, par. 652)
Sec. 2. Authorization for Bonds. The State of Illinois is
authorized to issue, sell and provide for the retirement of
General Obligation Bonds of the State of Illinois for the
categories and specific purposes expressed in Sections 2
through 8 of this Act, in the total amount of $51,017,925,743
$49,917,925,743.
The bonds authorized in this Section 2 and in Section 16 of
this Act are herein called "Bonds".
Of the total amount of Bonds authorized in this Act, up to
$2,200,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Baccalaureate Savings
Act in the form of General Obligation College Savings Bonds.
Of the total amount of Bonds authorized in this Act, up to
$300,000,000 in aggregate original principal amount may be
issued and sold in accordance with the Retirement Savings Act
in the form of General Obligation Retirement Savings Bonds.
Of the total amount of Bonds authorized in this Act, the

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additional $10,000,000,000 authorized by Public Act 93-2, the
$3,466,000,000 authorized by Public Act 96-43, and the
$4,096,348,300 authorized by Public Act 96-1497 shall be used
solely as provided in Section 7.2.
The issuance and sale of Bonds pursuant to the General
Obligation Bond Act is an economical and efficient method of
financing the long-term capital needs of the State. This Act
will permit the issuance of a multi-purpose General Obligation
Bond with uniform terms and features. This will not only lower
the cost of registration but also reduce the overall cost of
issuing debt by improving the marketability of Illinois General
Obligation Bonds.
(Source: P.A. 97-333, eff. 8-12-11; 97-771, eff. 7-10-12;
97-813, eff. 7-13-12; 98-94, eff. 7-17-13; 98-463, eff.
8-16-13; 98-781, eff. 7-22-14.)
(30 ILCS 330/4) (from Ch. 127, par. 654)
Sec. 4. Transportation. The amount of $17,048,199,000
$15,948,199,000 is authorized for use by the Department of
Transportation for the specific purpose of promoting and
assuring rapid, efficient, and safe highway, air and mass
transportation for the inhabitants of the State by providing
monies, including the making of grants and loans, for the
acquisition, construction, reconstruction, extension and
improvement of the following transportation facilities and
equipment, and for the acquisition of real property and

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interests in real property required or expected to be required
in connection therewith as follows:
(a) $5,432,129,000 for State highways, arterial highways,
freeways, roads, bridges, structures separating highways and
railroads and roads, and bridges on roads maintained by
counties, municipalities, townships or road districts for the
following specific purposes:
(1) $3,330,000,000 for use statewide,
(2) $3,677,000 for use outside the Chicago urbanized
area,
(3) $7,543,000 for use within the Chicago urbanized
area,
(4) $13,060,600 for use within the City of Chicago,
(5) $58,987,500 for use within the counties of Cook,
DuPage, Kane, Lake, McHenry and Will,
(6) $18,860,900 for use outside the counties of Cook,
DuPage, Kane, Lake, McHenry and Will, and
(7) $2,000,000,000 for use on projects included in
either (i) the FY09-14 Proposed Highway Improvement
Program as published by the Illinois Department of
Transportation in May 2008 or (ii) the FY10-15 Proposed
Highway Improvement Program to be published by the Illinois
Department of Transportation in the spring of 2009; except
that all projects must be maintenance projects for the
existing State system with the goal of reaching 90%
acceptable condition in the system statewide and further

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except that all projects must reflect the generally
accepted historical distribution of projects throughout
the State.
(b) $5,379,670,000 for rail facilities and for mass transit
facilities, as defined in Section 2705-305 of the Department of
Transportation Law (20 ILCS 2705/2705-305), including rapid
transit, rail, bus and other equipment used in connection
therewith by the State or any unit of local government, special
transportation district, municipal corporation or other
corporation or public authority authorized to provide and
promote public transportation within the State or two or more
of the foregoing jointly, for the following specific purposes:
(1) $4,283,870,000 statewide,
(2) $83,350,000 for use within the counties of Cook,
DuPage, Kane, Lake, McHenry and Will,
(3) $12,450,000 for use outside the counties of Cook,
DuPage, Kane, Lake, McHenry and Will, and
(4) $1,000,000,000 for use on projects that shall
reflect the generally accepted historical distribution of
projects throughout the State.
(c) $482,600,000 for airport or aviation facilities and any
equipment used in connection therewith, including engineering
and land acquisition costs, by the State or any unit of local
government, special transportation district, municipal
corporation or other corporation or public authority
authorized to provide public transportation within the State,

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or two or more of the foregoing acting jointly, and for the
making of deposits into the Airport Land Loan Revolving Fund
for loans to public airport owners pursuant to the Illinois
Aeronautics Act.
(d) $5,753,800,000 $4,653,800,000 for use statewide for
State or local highways, arterial highways, freeways, roads,
bridges, and structures separating highways and railroads and
roads, and for grants to counties, municipalities, townships,
or road districts for planning, engineering, acquisition,
construction, reconstruction, development, improvement,
extension, and all construction-related expenses of the public
infrastructure and other transportation improvement projects
which are related to economic development in the State of
Illinois.
(Source: P.A. 97-771, eff. 7-10-12; 98-94, eff. 7-17-13;
98-781, eff. 7-22-14.)
Section 99. Effective date. This Act takes effect upon
becoming law.